Capital One cites money laundering concerns in closing Trump accounts, Trump alleges political bias

Capital One has defended its decision to close hundreds of accounts associated with the Trump Organization, citing "anti-money laundering (AML) concerns" as the basis for the action. In a court filing, the U.S. bank stated that the closures in 2021 resulted from "months of analysis and a thorough review by Capital One's AML team," adhering to bank policies and regulatory guidelines.

The bank's defense comes in response to a lawsuit filed by the Trump Organization, which accuses Capital One of "political discrimination." The lawsuit, filed in Florida, claims the bank violated consumer laws by closing approximately 300 personal and business accounts in March 2021, holding millions of dollars, without offering alternatives.

Capital One maintains that the Trump Organization's claims of political bias are unsubstantiated. The bank argued that it provided the plaintiffs with "several months to find new banking services, which they did." It also stated that the plaintiffs are attempting to sustain their "erroneous claims of political discrimination by speculating that Capital One's AML concerns were a mere pretext."

This legal battle is not the first of its kind for the former president. In January, Donald Trump filed a $5 billion lawsuit against JPMorgan Chase, alleging the bank excluded him from its services after the January 6, 2021, Capitol assault, also citing political discrimination.